Bloom largely sells its fuel cells in California because federal and state credits can amount to more than $8.00 per watt. Bloom has appointed an international salesperson, Girish Paranjpe, so the firm is searching for incentive programs elsewhere. Bloom also sells its fuel cells as a service -- a fuel cell PPA, as it were -- to take some of the pain out of the initial investment.

Bloom's high headcount, high burn rate, and presumably negative margins, along with a less-than-open IPO market, indicate a rocky road ahead. I would also suggest that Bloom's green credentials are debatable.

Eric Wesoff is Editor-at-Large at Greentech Media. Prior to joining GTM, Eric Wesoff founded Sage Marketing Partners in 2000 to provide sales and marketing-consulting services to venture-capital firms and their portfolio companies in the alternative energy and telecommunications sectors. Mr. Wesoff has become a well-known, respected authority and speaker in these fields.

His expertise covers solar power, fuel cells, biofuels and advanced batteries. His strengths are in market research and analysis, business development and due diligence for investors. He frequently consults for energy startups and Silicon Valley's premier venture capitalists.